Savings Account 5.00% p.a. Interest on Balance up to $1,000,000 @ Macquarie Bank

2920
Savings Account 5.00% p.a. Interest on Balance up to $1,000,000 @ Macquarie Bank
Go to Deal
Wadiyatalkinabowt on 14/10/2024 - 11:20 macquarie.com.au (2276 clicks)
Last edited 14/10/2024 - 11:36

Via an e-mail received from Macquarie:
"We're increasing the interest rate on our Macquarie Savings Account to 5.00% p.a. for balances up to $1m.
You’ll continue to enjoy no deposit conditions, an award-winning digital experience and supercharged account security.
There’s nothing you need to do – this new rate will be automatically applied to your savings account from Thursday 17 October 2024.

Alongside the increased savings rate, we're reducing the interest rate for our Macquarie Transaction Account. The new rate of 2.75% p.a. is market-leading for our award-winning transaction account and will be effective from Thursday 17 October 2024."

Macquarie Savings Account new interest rates:
Balances up to $1m 5.00% p.a.
Balances above $1m 2.75% p.a.

Macquarie Transaction Account new interest rate:
2.75% p.a.

Financial Bank Account Savings Account

Related Stores

Macquarie Bank
Macquarie Bank

Comments

                • Mugsy on 17/10/2024 - 08:29
                  +1

                  @jaypow: Not to mention there are better options than ING from an interest rate or convenience point of view.

                  ME Bank gives 5.55% and only has a $2k deposit and (lesser) growth requirement.

                  ubank does 5.5% and only has a $500 deposit requirement so one can still take money out.

                  And for savings accounts that you can direct debit or transfer to other banks from, AMP Saver will allow this despite their website saying they don't. They pay 5.2% up to $250k.

                  If one had more than $200k to put into a savings accounts, one could quite easily divide that amount up between the above banks, schedule automatic monthly transfers and just leave the savings accounts on autopilot.

                  ING is doable in autopilot as the 5 card transactions can be achieved via card direct debits I hear but it's the dicking around to keep the balance under $100k that is annoying. This, along with ubank's no growth requirement makes ubank the better option for a savings account.

                  • Igaf on 17/10/2024 - 13:09

                    @Mugsy: There's more to bank selection than interest rates, as comments on this website alone will tell you.

                    • Mugsy on 17/10/2024 - 14:19

                      @Igaf: Yes, there definitely are though, a lot of those factors are subjective thus why I stuck with interest rate which is about as objective as any criteria can get, and convenience second (which could be argued objectively based on number of hoops to jump through).

                      FWIW, my family stopped banking with ING not only because of the hoops they make you jump through to avoid paying THEIR fees but also because of security.

                      Dad had his ING debit card stolen whilst overseas. His client number (i.e. the number used as his web banking username) is on the card. Yes, one can take a stanley knife to the card to get rid of that number… but we found out after the fact. Dad asked ING to change his client number. They said they wouldn't. So Dad went elsewhere. This was at a time when ING was a full 0.25% ahead of the competition too. Yes, guessing Dad's 4 digit pin for online banking is unlikely but Dad slept better knowing his money was elsewhere in an account that his username wasn't compromised already.

                      It was a shame as ING's call centre is meant to be one of the better ones and their online banking system is highly usable (ability to lock/cancel cards and also put in travel details are things we look for). Luckily the competition also has good banking options that meet Dad's needs.

                      • Igaf on 17/10/2024 - 14:51

                        @Mugsy: Old debit card presumably? Incredibly poor idea to have anything related to an online account on a card. ING is still not as secure as some other banks.

                        Plenty of good reasons to change banks, security being THE big one, bad service another (as commonly mentioned on Ozb). I dumped Bankwest years ago (before Commbank) because they put a block on my card (for security reasons supposedly) without telling me. When I complained they offered no cogent explanation but worse still there was no apology at all for the inconvenience they'd caused - even after I sent them a detailed email explaining that I intended to close the account due to the poor service.

                        • Mugsy on 17/10/2024 - 16:26

                          @Igaf: No, it was actually the newer design debit card. IIRC, we had contacted ING to request the debit card be reissued earlier as the expiry date was coming up and mum and dad were going to be overseas when the old card would expire. ING were good to help us there and Dad got one of the new designed one. And cancelling the card online when it was stolen was easy too. But it was the experience with ensuring Dad's accounts' security that left a sour taste in Dad's mouth.

                          Funnily enough, the other bank card Dad lost was his Macquarie one. We actually had a frustrating experience with that one… the card was able to be locked but online banking didn't have an option to cancel and report as stolen. Dad had to call up Macquarie to do that and his English ain't so good so anything that requires talking over the phone frustrates him. Fast forward to today, we find Macquarie the best experience after they added the ability to cancel a card on internet banking. Also no client number or other banking login details printed on the card!

                          These days, we do a lot of our transacting with Macquarie… our money may not be parked there. Our primary savings or offset accounts are elsewhere. But it's so easy to OSKO funds to Macquarie and undertake the transaction from their app or via online banking, or payment on card. We just feel more secure using Macquarie for this purpose.

                          • Igaf on 17/10/2024 - 16:44

                            @Mugsy: Strange, they must have two cards. I have had ING debit cards for years. They have no details about your online account at all. They're VISA and look like most other debit/credit cards - name, card number, expiry date, CVV

                        • bbinc on 18/10/2024 - 09:57

                          @Igaf: Which puts some sense into the MQ Savings account. No card to be compromised and loose that $1,0,K

                • Igaf on 17/10/2024 - 13:05

                  @jaypow: Half an hour a month to manage your savings is "crap" and too onerous for you? You've likely spent far more time on this deal alone.

                  This is how onerous the hoops are:
                  (1) Monthly deposit: This is easily automated - both in and out if you like.
                  (2) 5 completed purchases by debit card per month: Who doesn't spend money regularly, anywhere you like? This is easily done assuming you don't live in a cave and hunt for your food. There are plenty of hints on how to meet this criterion if you don't want to actually spend "anything" (<$1).
                  (3) Grow the account - add $0.01 + ING interest each month: This requires you to log in, check your EOM statement then (possibly) transfer some funds. 10 mins max.

                  Anyone who doesn't regularly log in and check their bank accounts is asking for trouble or inconvenience as a minimum. Security has thankfully tightened considerably but ask around, you'll be surprised how many people who shop regularly online (esp OS) have had their cards hacked and misused.

                  People can make their own choices about time and value but to suggest money mgt is "crap" and onerous is an interesting viewpoint to say the least.

                  • bbinc on 18/10/2024 - 10:02

                    @Igaf: Agree up to a point, and I am always checking for bad actors. When I had everything with one bank it was easy, but the more I chase the best deals the more complex it becomes, and the more I am always changing where the DD’s come from and what regular transfers are needed. The life happens and I forget one day and lose a month’s interest on a big sum.
                    This has been an interesting discussion about all those variables and changes.

                    • Igaf on 18/10/2024 - 13:57

                      @bbinc: Don't disagree, there's a trade-off to be made, and we each draw the line as to the vigilance required and the complexity we'll tolerate. 'Set and forget' used to be easier when term deposits were rate leaders, which is not the case now because markets are expecting rate decreases in the next 6-12 months.

                      The potential loss of a "month's" interest is another good reason to diversify - having at least two accounts with different banks means you can easily move your funds around when conditions change (ie you don't have to go through the hassle and wait involved in opening a new account).

                      Pretty much every savings account has interest calculated daily these days, so if you diversify (eg at least two accounts) the most you should lose is a couple of days interest while you move money out and in. On $100K that's about $30, or $20 after tax.

                      Depending on your circumstances, it's also important to know how easily you can extract/move ALL your money at short notice. Some comments on this site suggest some smaller operators may be more difficult to deal with in such a case (although we don't know if for example security/potential illegal activity flags may have been involved).

                      Two observations:
                      (1) The effort required to manage bank accounts is often significantly overstated. Some people start off on the wrong foot by believing that it's far more complex than it really is - mostly because they haven't experienced automated payments/transfers etc, things which most banks now make VERY simple.
                      (2) You should land wherever you feel most comfortable and not feel pressured into chasing the best interest rates. Do some sums. Is the effort/hassle/fomo really worth it? Half a percent is less than $10 a week after tax on $100K for example. Having made your choice there's no point in complaining about hoops and potential temporary loss of interest etc.

                      • Mugsy on 18/10/2024 - 15:26

                        @Igaf: We've definitely gone the route of having multiple savings accounts for Dad.

                        He and mum are overseas every second month and in the even of an outage or server maintenance downtime, he at least has access to funds from hopefully one bank.

                        For most part, setting and forgetting with Dad's savings accounts has been almost flawless regardless of the setup. I don't do any banks with the 4 or 5 transaction requirement, and luckily can now avoid ones with a growth requirement too (a good risk mitigation strategy in case Dad accidentally withdraws from that savings account).

    • bauser99 on 14/10/2024 - 12:01
      +11

      No need with UBank Savings account you only need to deposit $500 every month to get 5.5% (up to $100k) then you don't have to make any additional transactions and can withdraw funds any time you want without penalties. The only downside is that you cannot direct debit the UBank Savings account but it looks like that's a feature of the Macquarie Savings account

      • wetwork on 14/10/2024 - 12:52
        +1

        I had a hideous experience with Ubank, though it was during their integration of 86400 bank (or whatever it was called).
        Long long long periods on hold.
        I'm sure they are better now.

        • at9 on 14/10/2024 - 16:45

          Yeah they were a shitshow then. I had both ubank and 86400 and they basically didn't plan for people like me in their transition but have to say are really good now. I had to get new cards and it took 30 seconds to actually talk to a person and same thing again when I had to temporarily up my daily transfer limit.

      • stickingly on 14/10/2024 - 13:44
        -5

        The bastards at ubank recently changed it to $2,000, with the only notification being buried in a general "changes to terms and conditions email" that I didn't read properly
        So I lost out on a few months bonus interest as a result.

        • bauser99 on 14/10/2024 - 13:48
          +6

          Incorrect - used to be $200 not it's $500/mth as per their T&Cs

          All you need to do is have a Spend account and deposit $500+ per month into any Spend, Bills, or Save accounts (not including internal transfers) to get the bonus interest rate.

          • stickingly on 14/10/2024 - 14:52
            +1

            @bauser99: Yes you are correct, my bad, got mixed up with something else

            They increased it from $250 to $500…

            • bbinc on 18/10/2024 - 10:06

              @stickingly: @bauser99: Yes you are correct, my bad, got mixed up with something else

              My point exactly. One bank’s rules I can cope with. The interaction of that with x number other banks and ‘bank salad’ comes to mind as a new word.

            • bbinc on 18/10/2024 - 10:06

              @stickingly: @bauser99: Yes you are correct, my bad, got mixed up with something else

              My point exactly. One bank’s rules I can cope with. The interaction of that with x number other banks and ‘bank salad’ comes to mind as a new word.

              • stickingly on 18/10/2024 - 10:42

                @bbinc: "Bank salad" - I like it!

                Yes that is the problem, I have money in numerous different places and don't read the fineprint on every email I get from each of them. Guess I need to start…

  • Drakesy on 14/10/2024 - 12:01
    -3

    rabobank, ubank and ING all better for $250k and below

    If you have $1 mill in the bank i'd be questioning my investment strategy.

    • aparasher on 14/10/2024 - 12:51
      +6

      I think ING is only upto 100k and Rabo is pain in backside for me for transferring funds. You also need to make 6+ purchases per month to get bonus rate for ING. Not sure about Ubank.

    • mun4 on 14/10/2024 - 13:19

      5% (almost) risk free, why not? Cash is king fairly soon: https://edition.cnn.com/2024/10/11/investing/jamie-dimon-war…

      • OzzyBrak on 14/10/2024 - 14:05

        You're getting downvotes, meanwhile Buffet.

        Berkshire Hathaway's cash pile reached a record $276.9 billion in the second quarter of 2024.

        Back in May, Buffett said Berkshire was building its cash position and suggested it's been difficult finding opportunities meeting Berkshire's criteria.

        "It's just, things aren't attractive,” he said, adding that "there are certain ways that can change. We'll see whether they do."

        • DoubleWookie on 14/10/2024 - 14:35
          +1

          That's got nothing to do with Berkshire hording cash though, they're just not finding things to invest the money they're generating into. Buffet has a specific investment style he has always used that excludes a lot of the market. If he had things to invest in then all that money would be in them, not sitting in a bank.

          • OzzyBrak on 14/10/2024 - 15:16
            +2

            @DoubleWookie:

            they're just not finding things to invest the money they're generating into

            correct.

            So one of the world's most successful investors is cash and treasuries heavy at the moment. Anyone who is all in the market at the moment has a different risk tolerance to Buffet, and likely won't outperform him in the longer term.

            People holding some amounts of their portfolio at 5% return or greater is a smart move. The actual dollar amount will vary depending on the size of their portfolio obviously.

    • mj7312 on 15/10/2024 - 10:43

      With ING you have to make 5+ settled transactions, deposit at least $1000, and make the balance grow each month, and it caps at $100k.
      Don't get me wrong, I use ING and do all that, but it's a big difference to not having to do anything at all.

      Also, if you have to move money around, Macquarie is super fast and the authenticator app makes them not trouble you with high number transfers, whereas ING takes days and you have to call them for over 20k. For example, you can move any sum of money to Stake from Macquarie in 5-10 minutes, whereas ING takes about a day. So it's great for short gaps in investing between sales and purchases.

  • Hugh G Rection on 14/10/2024 - 12:03

    i have over a mil, can i have 2 accounts? dropping down to 2.75% really hurts.

    • xrailgun on 14/10/2024 - 12:08
      +8

      Yes, you can send the extra to me. Pinky promise.

    • harryozz on 14/10/2024 - 12:58
      +1

      Yeah you can, I have 15 accounts all earning 5%.
      1 million in each account.

      • Slo20 on 14/10/2024 - 13:42

        Impressive. They gave you the higher % before everyone else.

        • harryozz on 14/10/2024 - 14:00

          Yeah! so nice of them!

  • turtlesinmypants on 14/10/2024 - 12:14

    nice one Macquarie!, another nail in my commbank savings acct. I guess Commbank hand the benefit to the shareholder dividend moreso than the customer interest %.

  • Gavman on 14/10/2024 - 12:15
    -5

    Better to have 10 ubank accounts at 5.50%

    • blehgg on 14/10/2024 - 12:19
      +1

      can you have 10?

      • KangaDrew on 14/10/2024 - 12:27

        Yeah you can. I've got 7 savings accounts with them, but they'll allow up to 10 savings accounts and you'll get the same rate on all of them.

        edit: you only need to deposit into one of the accounts to get the interest rate, so you don't need to deposit $500 into all of the savings accounts.

      • SolidlyIrresponsible on 14/10/2024 - 16:59
        +2

        You can but you are taking extra risk as "deposits are protected up to $250,000 for each account holder at each bank" (ARPA/FCS).

    • timhn on 14/10/2024 - 12:32
      +4

      why? still max at $100K - regardless 1 or 10 accounts

      • gosund on 14/10/2024 - 12:59
        -3

        By the sound of it, Ubank might have the same policy as BOQ, which will expand the limit from 100k to 1m

    • bauser99 on 14/10/2024 - 12:56
      +11

      You can have multiple UBank account under your name but UBank will only pay 5.50% up to a COMBINED total of $100k then 5% from 100k to $250k then 0% over $250k

      Source: UBank T&Cs

      • Igaf on 14/10/2024 - 16:39
        +3

        ^^ THIS is correct,

        If you're getting max interest on multiple accounts then I'd keep very quiet about it.

  • moneymaker on 14/10/2024 - 12:16
    +5

    Best digital bank experience I’ve had. Extremely easy to open accounts, Authenticator is great for transferring funds with added peace of mind, competitive international rates through Mastercard, no ATM withdrawal fees (including overseas) and even a strong interest rate for savings without any hoops or jumps! +1

    • KangaDrew on 14/10/2024 - 12:29
      +4

      You're forgetting Marketplace :)

      • OZKap on 14/10/2024 - 12:34
        +2

        Some good discounts on gift cards, and instant digital delivery at least for Amazon https://www.macquarie.com.au/digital-banking/marketplace.htm…

        • Jared17 on 15/10/2024 - 01:06

          Is this only for those with Macquarie credit cards? Seem like i need earn points to be able to redeem discounted gift cards?

          • bauser99 on 15/10/2024 - 01:27
            +3

            @Jared17: No need to get a credit card to access perks like discounted gift cards

          • OZKap on 15/10/2024 - 12:10
            +1

            @Jared17: You buy th cards directly with funds from your savings/transaction account

            • Jared17 on 15/10/2024 - 19:28

              @OZKap: Thanks all. Never knew this before despite being a customer for like 5 years lol.

    • neonlight on 15/10/2024 - 19:42

      The rate is decent without transferring money in at intervals which is the main selling point

  • Dauphin3 on 14/10/2024 - 12:27

    Do you first need to open a transaction account to have a savings account?

    • bbinc on 18/10/2024 - 10:12

      No

  • Oauiii on 14/10/2024 - 12:29

    Are the people discussing these paid off their mortgage (money not on offset accounts)?
    What a situation to be in - paid off mortgage and deciding which high yield savings account to put $1,000,000.

    • ChunkyToast on 14/10/2024 - 12:43
      +5

      Probably excess capital or no property at all like me.

    • bargainswede on 14/10/2024 - 12:46
      +2

      Or yet to come off <2% fixed rates so better off earning interest

  • SydBoy on 14/10/2024 - 12:29
    +8

    Basically they are reducing transaction account interest rates!

    • neonlight on 14/10/2024 - 12:55
      +8

      Just move your money to savings account by getting another account with them…. Only transfer to transaction account when you spend your money!?

  • linxinkai on 14/10/2024 - 12:43

    Wondering if joint account get 2mil or still up to 1m

  • y on 14/10/2024 - 12:54
    +1

    Have a savings accounts with them but haven't received this email yet

    • ChunkyToast on 15/10/2024 - 16:30

      Just got it this arvo, might be staggered?

      • y on 15/10/2024 - 16:59

        Received yesterday afternoon after I posted

  • JKat2 on 14/10/2024 - 12:56
    +2

    Gov only covers first 250k right?

    • mun4 on 14/10/2024 - 13:21
      +5

      Yes

    • OzBerghainer on 14/10/2024 - 13:58
      +3

      Yes but this isn't some mom and pop bank, its a $90B institution I don't think it's going bust anytime soon

      • Igaf on 14/10/2024 - 16:43
        +1

        They - and others - were in dire straits during the GFC prior to the fed govt stepping in to underwrite their borrowings.

      • SuperLate on 14/10/2024 - 17:43
        +3

        Mistake number one is too much trust on a bank's balance sheet.

        • Igaf on 14/10/2024 - 17:47

          APRA will save us /SSSS.

  • gosund on 14/10/2024 - 13:01

    What's the Osko limit for Macquarie? The $1k limit from BOQ and ING is such a pain.

    • timhn on 14/10/2024 - 13:07
      +4

      $100K with the authenticator

      • gosund on 14/10/2024 - 13:11

        Thanks, that's decent amount

      • Slo20 on 14/10/2024 - 13:53

        That’s the general daily limit but is it osko. This statement on their website implies they don’t offer osko.

        “Please note that OSKO has only been enabled for inbound payments made to Macquarie Transaction (including Offset), Savings, Business Savings and Cash Management Accounts.”

        It’s hard to understand if that means it doesn’t allow outbound payments or if it’s saying not all inbound account types accept it. There is no other mention of osko on their site.

        • DoubleWookie on 14/10/2024 - 14:37
          +1

          You can make OSKO payments with Macquarie Transaction and Savings accounts.

        • wangasm on 14/10/2024 - 16:45
          +1

          It means inbound payments can be received from NPP-Osko whereas outbound payments are made using NPP-SCT which is still instant to most banks, just not 100%.
          Though I was under the impression that instant payments had a limit of $10k as per https://www.macquarie.com.au/help/personal/cards-balances-an… , or is it only if an actual PayID is used

    • tianyujojo on 14/10/2024 - 13:42
      +2

      I think ING Osko limit is $5k now.

      • Igaf on 14/10/2024 - 17:48
        +2

        Yes, was $2K, changed in August to 5K

      • Yola on 16/10/2024 - 08:07

        And BofQ, Virgin and ME Bank are going up to $5,000 on 1 November.

  • Asti on 14/10/2024 - 13:07
    +1

    If their interest rate was higher, I'd be happy to ditch ubank.

    • Cheapskate Paul on 14/10/2024 - 20:21

      Having both UBank & Macquarie is often a good strategy.

  • mun4 on 14/10/2024 - 13:14
    +1

    Do their Savings account allow direct debt?

    • timhn on 14/10/2024 - 13:48
      +3

      Their saving account is same as Transaction account minus the debit card.

  • homerc on 14/10/2024 - 13:24
    +1

    I am sorry am I missing something? Isn't 5% interest quite common?
    I am with St George bank and their "Incentive Saver" and "Maxi Saver" accounts offer 5.25% and 5.15% respectively?

    • timhn on 14/10/2024 - 13:48
      +1

      Is your transaction account from StG earn any interest?

      Macquarie selling point is their transaction account can still earn a very some interest and their saving account can be like transaction account - with direct debit and such with no hops.

      • homerc on 14/10/2024 - 14:05

        Ah I see. makes sense. I guess different people would have different needs.
        Personally, I have always just kept a minimum amount in the transaction account and have as much as possible in the savings account, since moving money around is instantaneous.

      • neonlight on 15/10/2024 - 18:08

        It does not, St George Incentive Saver does but you need to deposit $50 every month to get that 5.35pa% per month

    • neonlight on 14/10/2024 - 14:33

      Incentive Saver is not bad, only issue is when you spend money on overseas transaction with fees on St George accounts. might as well transfer to Macquarie Transaction account and save fees

  • paulaus on 14/10/2024 - 13:33
    -3

    Had 200k in this bank and when they went cashless I transferred it to a real bank who deal in cash. It's a control thing going cashless, big brother, next comes the chip under the skin.

    • OzzyBrak on 14/10/2024 - 14:10
      +1

      This account from Macquarie Bank is not targetting people who want to make cash deposits or withdrawals from a branch. Macquarie Bank have very few branches and I don't know if they even do personal banking in those branches.

      If you want cash this account type offers fee free ATM withdrawals which makes it easy.

      • neonlight on 16/10/2024 - 14:37

        So current Transaction account under Macquarie can you withdraw from the other big 4 ATMs with no fee or not?

        • Mugsy on 16/10/2024 - 18:24
          +1

          You can withdraw from ALL domestic atms for free, not just the big 4

          • neonlight on 16/10/2024 - 19:49

            @Mugsy: Include things like Atm X and Red bank ATMs? I don't think so

            • Mugsy on 16/10/2024 - 23:14

              @neonlight: I won't try to convince you if you don't want to believe it from an actual Macquarie bank customer. If you really want to get to the truth, read the website.

              • neonlight on 16/10/2024 - 23:42

                @Mugsy: No problems… I resd they would reimburse if there are Atm fees but too much pds and fineprint to read these days

                • Mugsy on 17/10/2024 - 08:11

                  @neonlight: No need to read through the pds or fineprint… just apply for a transaction account and use.

                  The main reason I use Macquarie is because the closest half dozen ATMs to me are not bank owned ones let alone big 4. I've never had to wear the cost of an ATM fee when using their card.

    • Igaf on 14/10/2024 - 17:52
      +3

      Do you get paid in cash or have shares in Armaguard Paul? Millions of businesses you deal with every day are majority cashless.

  • TheJoker on 14/10/2024 - 13:36
    +4

    Just remember, if you have an owner occupied home loan this money is better in your offset/redraw.

  • capslock janitor on 14/10/2024 - 15:01
    +1

    seems kiiinda meh when mebank is 5.55 + ubank and ing 5.50

    • capslock janitor on 14/10/2024 - 15:03
      +2

      boq is 5.50 also

      • Yola on 16/10/2024 - 08:27

        Only for up to 35 years old.

    • Dauphin3 on 14/10/2024 - 15:24
      +5

      ING is only 5.5% up to $100k.
      This is 5% up to $1M. For a 'no hoops' savings account it's pretty good. Even on par/better than most term deposits with easier access to money.

      • neonlight on 17/10/2024 - 08:26

        Agree however remember this is on variable rate and if RBA decides to lower interest bank will just follow. One idea is open a savings account for 4 months with 5.35% rate when it's about to drop off decide putting some in fixed term deposit. Otherwise for those have home loan drop it back to your offset account

        • Mugsy on 17/10/2024 - 08:43
          +2

          I would not take money out of an offset account to put in a savings account until the loan was fully offset. I have not seen a single home loan with less than 5.5% interest to make keeping money in a savings account the better choice (especially after tax is factored in).

          IMHO, the priority with accounts…

          • offset account until loan is fully offset
          • ubank for 5.5% interest and a $500/mth deposit (not growth) requirement (easily automated by bouncing $500 in then out or vice versa with another bank. One can park $100k here before having to consider another savings account
          • ME Bank for 5.55%… $2000 deposit is again easily satisfied with scheduled automated transactions. Just need to ensure some growth. One can consider a further $100k parked here before having to consider another savings account
          • next option is a bit contentious… if one doesn't mind setting up 5x direct debits (even if $1 each) in addition to bouncing $1k in and out, then ING would be the go with 5.5% interest. Otherwise, AMP Saver's 5.2% with only the $1000 deposit requirement and no growth requirement is good but what makes this option outshine the other half dozen or so options with higher interest rate that I haven't listed here yet is that the savings account will allow you to transfer money out to other banks. You can't do that with ubank and I believe it cannot be done with ME Bank's HomeME account either. To make automation via scheduled transfers doable, an AMP Saver with $10k or so in it to bounce to other banks is well worth having.
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